Global law firm White & Case LLP has advised UK-based renewable energy developer Elements Green on a series of financings supporting the delivery of its Staythorpe Battery Energy Storage System (BESS) and the ongoing expansion of its pipeline of solar and energy storage projects.
The transactions comprise a construction bridge facility for the Staythorpe BESS, provided by Goldman Sachs Asset Management’s transition finance fund West Street Climate Credit Fund, set to become the second-largest standalone battery project in the UK. The financing marks the inaugural deal from GSAM’s newly launched West Street Climate Credit Fund. Alongside this, Hithium, the battery system supplier provided vendor financing. A separate refinancing of an existing development expenditure facility was also completed with Copenhagen Infrastructure Partners (CIP) to support Elements Green’s pipeline of projects.
The Staythorpe BESS, located in Newark-on-Trent, Nottinghamshire, will deliver 360 MW of power capacity and 720 MWh of energy storage, sufficient to power over 95,000 homes for a full day. Strategically positioned from a grid infrastructure perspective, the project is expected to have an operational life of 40 years and represents one of Europe’s largest energy storage investments to date.
“These financings are transformational for our client Elements Green and reflect the critical role of private capital in bridging the funding gap for such projects,” said Kamran Ahmad, partner at White & Case. “We are proud to support Elements Green in accelerating its battery storage deployment, critical to the UK’s net-zero ambitions.”
James Gates, Chief Investment Officer of Elements Green, said: “This package of financings marks a major milestone in the growth of Elements Green and demonstrates the confidence that global investors have in our team, our technology partners and our pipeline. Staythorpe is a flagship project that will strengthen the UK’s energy resilience and help deliver the clean power infrastructure needed for the country’s energy transition goals.”
The White & Case team which advised on the transaction was led by partner Kamran Ahmad and included partners Paddy Mohen and Allan Taylor and counsels Lis Blunsdon and James Clarke, and associates Bethany Carter, Fola Oginni and Rotimi Adeniyi-Akintola (all London).
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Read the orginal article: https://www.whitecase.com/news/press-release/white-case-advises-elements-green-transformational-energy-transition-financings
